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First home buyers are delaying entering the property market despite favourable interest rates, according to insurance company RAMS.
RAMS recently released the 2013 edition of their First Home Buyers’ Pulse Check study, which measures the attitudes and behaviours of Australians toward buying their first home.
The findings highlighted a series of key trends in today’s property market, the most important of which was that Australians are continuing to delay the purchase of their first home.
Only 12.8 per cent of the 600 people surveyed – who are intending to buy their first home within the space of the next year – said they would make the purchase immediately within the next three months.
A further 14.4 per cent said they would buy within six months, with the rest intending to do so within the next 12 months.
In spite of this however, the majority of those surveyed (75 per cent) thought that this was a good time to buy a first home, citing favourable interest rates and a stable economy.
So why aren’t they jumping into the property market? Affordability was the most common reason given for not entering the market, with 51.7 per cent of respondents saying this was a barrier.
The study also profiled the average Australian first home buyer – there was an even split among males and females, with the majority in the 36 and older age group.
Three out of four intended to buy an established home, with the rest either aiming for a brand new home or building it themselves.
RAMS Chief Executive Melos Sulicich had some real estate advice to offer to potential home buyers, saying that they should not be anxious about the whole process.
“It’s not surprising that many first home buyers remain cautious about taking the first step,” Mr Sulicich said in an August 23 media release.
“RAMS customers tell us that once they enter the market, they wished they had made the decision to buy sooner as the experience was easier than they imagined with the help of a local home loan expert to guide them along the process.”
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